In the Short-Run an Increase in the Costs of Production

question 39

Multiple Choice

In the short-run an increase in the costs of production makes

• A)both output and prices rise.
• B)output rise and prices fall.
• C)output fall and prices rise.
• D)both output and prices fall.

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Definitions:

Socialize

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or group.

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Alterations in matter that do not affect its chemical composition, such as changes in state or shape.